GSE turnover surges 2,200% as MTN trade anchors record session

The Ghana Stock Exchange (GSE) witnessed an extraordinary liquidity surge on Tuesday, 9 December 2025, with market turnover skyrocketing 2,287.42% to GH¢29.41 million (US$2.58 million), up from GH¢1.23 million (US$0.11 million) the previous day. The volume of shares traded also jumped 1,663.56%, reaching 10.86 million compared to Monday’s 616,052.

The spike was anchored almost entirely by Scancom PLC (MTN Ghana), which accounted for 88.8% of total turnover. MTN saw 6.2 million shares exchanged at GH¢26.1 million (US$2.29 million), holding its price steady at GH¢4.20 (US$0.37). The scale and stability of the trades point strongly to institutional block movements or portfolio rebalancing, rather than retail-driven speculation.

Indices slip despite liquidity boom

Even with the liquidity rush, the benchmark GSE Composite Index (GSE-CI) dipped by 2.29 points (0.03%) to 8,628.21, trimming its year-to-date return to 76.50%. The GSE Financial Stock Index (GSE-FSI), however, inched up 0.02 points to 385.73, buoyed by gains across most banking counters.

The slight drag on the composite index was caused by Ecobank Transnational Incorporated (ETI), the session’s sole decliner. ETI slipped 1.25% to GH¢0.79 (US$0.07), its fall outweighing broad market gains due to the exchange’s capitalisation-weighted structure.

CAL Bank leads gainers

Market breadth leaned positive, with three gainers against one loser.

CAL Bank topped the day’s performers, rising 2.33% to GH¢0.44 (US$0.04) and recording 4.37 million shares, the second-highest volume.
GCB Bank edged up 0.05% to GH¢19.51 (US$1.71).
Standard Chartered Bank Ghana gained 0.03%, closing at GH¢29.14 (US$2.56).

Regional outperformance continues

Despite the day’s slight dip, the GSE remains one of sub-Saharan Africa’s strongest markets.
In US dollar terms, the GSE-CI has gained 127.35% year-to-date, outperforming:

Nigeria’s NGX: 51.19% (US$)
Nairobi Securities Exchange: 45.54% (US$)

Treasury yields mixed; cedi weakens

Short-term Treasury yields saw subtle shifts:

91-day bill: up to 11.08%
182-day bill: up to 12.55%
364-day bill: down to 12.70%

The cedi continued to face pressure, depreciating 0.41% against the US dollar to a mid-rate of GH¢12.20 (US$1.07), while also sliding against the pound and euro.

Outlook

Analysts are monitoring whether Tuesday’s liquidity surge is a signal of renewed institutional momentum or simply a one-off block activity. With dividend dates for BOPP and GGBL approaching later in December, targeted interest from income-focused investors may keep activity elevated.